But many of Lehmans' activities had no systemic importance.
但是许多雷曼的活动没有系统性的重要性。
The Lehmans episode demonstrates that incompetence has a price.
雷曼这个小插曲说明了无能有价。
Lehmans was allowed to fail, we were told at the time, because its failure did not pose systemic risk.
彼时我们被告知允许雷曼破产是因为他的破产不构成系统危险。
Lehmans was not a cause but a consequence: a consequence of flawed lending practices, and of inadequate oversight by regulators.
莱曼兄弟的破产不是原因而是结果—它是由有缺陷的信贷操作和监督机构监督不力造成的。
In addition, even though Lehmans was not a large infrastructure lender, their failure had an impact on liquidity as many lenders lost money on deposits and counterparty derivative positions.
此外,尽管莱曼兄弟不是大型的基础设施银行,但是他们的失败影响了流动资金,因为很多的银行失去了存款以及相关的衍生职位。
In addition, even though Lehmans was not a large infrastructure lender, their failure had an impact on liquidity as many lenders lost money on deposits and counterparty derivative positions.
此外,尽管莱曼兄弟不是大型的基础设施银行,但是他们的失败影响了流动资金,因为很多的银行失去了存款以及相关的衍生职位。
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